1. Ensure line of sight across your business
Many operators have their point-of-sale (POS) systems integrated with the financial management platform for the visibility of real-time data with minimal effort and errors. With delivery aggregators increasingly integrating with POS systems, or operators opting to keep the ordering in-house, integrating the POS systems with the financial platform makes sense.
In a fully integrated ecosystem where a cloud financial management platform, like Sage Intacct, is the hub of transactional information, your restaurant can fully leverage reporting and dashboarding capabilities with real-time data used to measure profitability, demand, and ideal price point – all while minimizing error-prone data rekeying.
2. Track the effects of your channels
Custom reporting should adapt swiftly to changing business conditions. Partnering with third-party delivery aggregators allows restaurants to save on driver fleet costs while expanding their customer reach. When deciding on in-house vs third-party delivery, restaurants must weigh added labour and technology costs against third-party fees. Effective tools are crucial for data-driven decision-making.
Sage Intacct’s dimensional and custom reporting capabilities facilitate rapid analysis of cost and revenue drivers, providing insight into successful strategies. With summarized entity views across locations, it ensures visibility into program performance, aiding in understanding diverse customer behaviours and pricing strategies.
3. Keep a handle on indirect costs
Ghost kitchens, dedicated to off-premises orders, are gaining popularity as an extension of the offsite dining trend. They alleviate pressure on restaurant kitchens from increased delivery orders and offer a cost-effective means for testing new concepts without high location expenses.
However, the actual costs of operating ghost kitchens are not as transparent as the name implies. Sage Intacct Dynamic Allocations can shed light on business performance in intricate scenarios. For instance, managing multiple delivery brands from a single ghost kitchen using spreadsheets may take 1 to 2 days monthly for complex cost calculations. Automating the cost allocation of overhead, such as membership fees, marketing expenses, and non-hourly wages, saves time and gives the ability to get a more accurate understanding of the profitability of each brand. Simplifying insight-gathering enables agile and informed decision-making.
4. Monitor revenue behavior with automated daily reports
Focus more on being a forward-thinking strategist rather than delving into financial history. Third-party delivery services play a crucial role in expanding restaurants’ customer reach. However, they come with service fees ranging from 10% to 30% of orders. Contractual agreements with these services determine how restaurants should handle their sales and fees. Introducing loyalty programs further complicates matters, as restaurants must adhere to new revenue recognition standards.
To navigate these challenges and maximize profits, restaurants need up-to-date information. This includes considering options like raising prices on delivery items, implementing delivery surcharges, or creating unique delivery menus. Sage Intacct streamlines the complexities of revenue recognition through automation, enabling you to spend less time generating reports and more time on analysis and strategic planning.
